Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2020
- Price to Book Value (P/BV) since 2020
- Analysis of Revenues
- Aggregate Accruals
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Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Revenue Composition
- Over the three-year period, the proportion of product sales as a percentage of net sales increased significantly from 82.19% in 2020 to 89.37% in 2022. Conversely, service sales declined from 17.81% to 10.63%, indicating a shift in revenue composition favoring product sales more strongly by 2022.
- Cost Structure
- The cost of products sold as a percentage of net sales rose from -58.35% in 2020 to -65.31% in 2022, reflecting increased product cost pressure. Similarly, the cost of services sold declined slightly from -12.39% to -7.93%. The combined cost of products and services sold moved upward from -70.73% to -73.24%, indicating a generally higher cost base relative to sales over time.
- Profitability Margins
- Gross margin decreased from 29.27% in 2020 to 26.76% in 2022, suggesting a contraction in profitability at the gross level despite growth in product sales proportion. Operating profit showed a variable trend, starting at 17.66% in 2020, dipping to 12.83% in 2021, and then rebounding sharply to 22.11% in 2022, reflecting improved operational efficiency or other income contributions. Net income attributable to common shareholders followed a similar pattern, falling from 11.35% in 2020 to 8.07% in 2021, then increasing markedly to 17.31% in 2022.
- Operating Expenses and Other Income
- Research and development expenses as a percentage of net sales slightly increased over the period from -2.40% to -2.64%. Selling, general and administrative expenses decreased substantially from -16.15% in 2020 to -12.30% in 2022, suggesting cost management or efficiency gains in these areas. Other income (expense), net, including transaction gains and impairment charges, showed marked variability. Notably, other income rose significantly to 9.01% by 2022, which may have materially contributed to the improved operating profit that year.
- Investment and Financial Items
- Equity method investment net earnings showed a slight upward trend from 1.19% to 1.28%. Interest expense decreased from -1.71% to -1.48%, while interest income increased from 0.06% to 0.41%, resulting in improved net interest income or lower net interest expense. These changes suggest an improved financial cost position over the period.
- Tax and Minority Interest
- Income tax expense as a percentage of net sales decreased from -4.86% in 2020 to around -3.47% in 2022, indicating a lower effective tax burden relative to sales. The non-controlling interest in subsidiaries' earnings from operations increased in magnitude slightly from -0.14% to -0.24%, which indicates a growing share of profits attributed to minority interests.
- Summary
- The data reflect a shift towards higher product sales with increased associated costs but a decreasing share of service sales. Margins, particularly gross margin, experienced some contraction, yet operating profit and net income showed resilience, especially by 2022. Improved cost control in SG&A expenses and substantial increases in other income likely supported this profitability recovery. Financial expenses trended downward, enhancing net income outcomes. Overall, the trends suggest improved operational and financial management leading to stronger earnings performance in the latest year despite some margin pressures.